Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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'Will AI steal my job?' Koreans among nationalities feeling most threatened by AI
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Samdasoo’s market share falls amid heated competition in bottled-water business
Faced with an expanding market and growing consumer demand for cheaper options, South Korea’s bottled-water market leader Samdasoo has a stake below 40 percent in the country’s drinking water market for the first time, industry data showed Friday.Samdasoo, a drinking water brand manufactured by the Jeju Special Self-Governing Province Development Corporation, has topped the market since its launch in 1998, having secured a 45.7 percent stake in the 740 billion won ($626 million) bott
June 7, 2019
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BTS’ agency’s corporate value soars above $1b: think tank
Big Hit Entertainment, the agency that represents the globally popular K-pop band BTS, has surpassed $1 billion in corporate value, a local think tank said Thursday.According to a report released by the Hyundai Research Institute, the value of the agency is estimated at between 1.28 trillion won ($1.08 billion) and 2.28 trillion won. With the valuation, the company was classified as a unicorn, meaning a nonlisted venture valued at over $1 billion.Last year, the company scored 214.2 billion won i
June 6, 2019
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Six in 10 listed firms post lower operating profit or loss
Listed companies in South Korea managed to record an higher operating profit overall, but in fact, 60 percent of them saw a decline or even marked losses, data showed Thursday.An analysis by market researcher Korea CXO Institute showed that the combined operating profit of 1,000 listed firms came in at 111.5 trillion won ($94.4 billion won) last year. The figure was up 4.2 percent from 2017 and 53.1 percent from 2016.Of them, however, 597 companies recorded a lower operating profit or loss, mean
June 6, 2019
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Hanwha Group helps tackle river pollution in Vietnam
Korean conglomerate Hanwha Group donated two eco-friendly trash skimmer boats to Vietnam, the group announced Thursday.On the occasion of World Environment Day on Wednesday, Hanwha Group hosted a donation ceremony of trash skimmer boats at Vinh Long in southern Vietnam. Some 80 officials representing Hanwha Group, Vietnam and the Global Green Growth Institute attended the event.The donated boats are to be used to collect trash floating on the Mekong River, Hanwha explained.According to the compa
June 6, 2019
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[Herald Interview] 'Robots can not replace human workforce, at least not now'
Will robots replace human workforce?That is a question constantly raised with the advancement of new technologies that make robots smarter and more autonomous. That is, however, “undue concern,” says the chief of South Korea’s state-run robot institute, who has been in the industry for more than 30 years. “Technological developments to make a human-like robot is still in the early stages worldwide,” Korea Institute for Robot Industry Advancement President Moon Jeon-
June 6, 2019
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Renault Samsung union enters strike as wage renegotiations falter
Unionized workers at Renault Samsung Motors Corp. entered a "full-scale" strike after failing to narrow a gap in wage renegotiations, the union said Wednesday.Renault Samsung and its union said they have had a series of meetings this week to discuss schedules and terms for renegotiations over wages and working conditions.But they have failed to set the date for the renegotiations, dealing a further blow to the carmaker already suffering declining sales. This week, the union demanded th
June 5, 2019
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Medytox says China approvals proceeding without glitch
Government approval for wrinkle-smoothening botulinum toxin Medytoxin is proceeding as planned in China under the name Neuronox, Korean BTX maker Medytox said Wednesday in a regulatory filing.It came in response to a local media report that claimed the China Food and Drug Administration has ceased its review of Neuronox. On Wednesday, shares of Medytox shares closed at 435,000 won ($370), down 7.76 percent from a day earlier. Medytox said the Neuronox is in the final stage of the approval proces
June 5, 2019
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Moon joins test drive of Korea’s first hydrogen-powered city bus
President Moon Jae-in on Wednesday joined a test drive of the nation’s first city bus powered by hydrogen and developed for commercial use, demonstrating his administration’s drive to nurture the development of fuel-cell electric vehicles. The president took the nation’s first hydrogen bus planned for regular intracity bus service at an event held on the sidelines of World Environment Day in Changwon, South Gyeongsang Province. It was the third test drive of hydrogen cars for M
June 5, 2019
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[Newsmaker] Korea to change liquor tax system for first time in 50 years
South Korea has decided to change its liquor tax system for the first time in 50 years, shifting from a price-based to volume-based system, starting with domestically brewed beer and rice wine, the Ministry of Economy and Finance said Wednesday. The tax revision bill for 2020 will state that liquor tax will be levied based on the amount of alcohol sold, rather than adopting ad valorem calculations, which is based on the retail base price. The government plans to submit the bill to the National A
June 5, 2019
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Drug safety minister apologizes for Invossa fiasco
The Minister for Food and Drug Safety on Wednesday apologized for authorizing the use of the gene therapy drug Invossa to treat arthritis. It has since revoked that approval. “I apologize for failing to thoroughly monitor the approval of Invossa and after-care (for patients),” Drug Safety Minister Lee Eui-kyung said at a press conference, adding that the ministry would do its best to prevent any recurrence and pass measures to keep patients safe.Earlier the same day, 10 South Korean
June 5, 2019
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South Korea to toughen sanctions on habitual tax delinquents
South Korea will toughen sanctions on habitual tax delinquents who owe huge sums, amid growing public criticism over the problem. “The government plans to toughen sanctions on taxpayers who habitually owe taxes despite being (financially) capable of paying, as public anger grows over the individuals who conceal their assets and live in luxury,” said a joint statement issued Wednesday by the ministries of finance, safety, health, law, justice, tax and customs. Beginning next year
June 5, 2019
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Release date out for Netmarble's 'BTS World' mobile game
Korea’s second-biggest game company Netmarble will release its new mobile game “BTS World” globally on June 26, the company announced Wednesday. The worldwide release excludes China, where governmental approval is a prerequisite for foreign games to launch. China has been reluctant to grant approval for Korean game companies since a 2017 political rift involving the deployment of US Terminal High Altitude Area Defense system in Korea.Netmarble explained that “BTS World&rd
June 5, 2019
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[Photo News] Startup Branch
Korea International Trade Association Chairman Kim Young-ju (left) and Industry Minister Sung Yun-mo attend the opening ceremony of Startup Branch on Tuesday at Coex in southern Seoul. The space, divided into four areas -- offices, a pitching center, a consultation area and a cafeteria -- is designed to run programs that help local startups advance overseas.
June 4, 2019
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[News Focus] New liquor tax proposal faces mixed response
A South Korean think tank’s recommendation to switch liquor taxes from price-based to volume-based system beginning with beer and makgeolli -- off-white rice wine -- has got a mixed market response.According to the Korea Institute of Public Finance, the first liquor tax change in 50 years would involve three possible scenarios: apply the new volume-based tax on beer first; on both beer and makgeolli; or all liquor products -- but give a grace period for other alcoholic beverages except bee
June 4, 2019
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Korea considers raising purchase limit at duty-free shops
The government is considering raising the purchase limit at departure duty-free shops from the current $3,600 and the tax exemption limit from the current $600, officials said Tuesday.“In consideration of increased national income and inflation, (the government) is reviewing the need and means to raise the limit of purchase and tax exemption at duty-free shops,” the Ministry of Economy and Finance said in a release.The decision will be confirmed later this month, when the ministry an
June 4, 2019
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South Korea's largest job fair for foreign firms kicks off
South Korea’s largest job fair for foreign companies began on Tuesday at Coex in Seoul, with 159 firms readying to recruit young job seekers. The two-day annual career expo with the largest number of participating companies this year is co-hosted by the Ministry of Trade, Industry and Energy and Seoul Metropolitan Government and co-organized by Korea Trade Investment Promotion Agency (KOTRA) and Financial Supervisory Service. The companies include Hewlett Packard Korea, Tokyo Electron Kore
June 4, 2019
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Korean Air succession still under discussion: chairman
The succession of South Korea’s largest air carrier is still under discussion, said Cho Won-tae, the new chairman of Hanjin Group and CEO of Korean Air, on Monday, in an indication of ongoing family differences after his father’s sudden death in April.During a press conference on the sidelines of the annual general meeting of the International Air Transport Association, Cho said his late father had often emphasized the “harmony of the family” and that he was still in disc
June 3, 2019
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Hyundai Heavy fails to conduct due diligence on Daewoo Shipbuilding
Hyundai Heavy Industries Co. on Monday failed to conduct its first on-site inspection of Daewoo Shipbuilding & Marine Engineering Co.'s main shipyard here due to fierce union opposition, heralding a bumpy road ahead for the merger of the world's top two shipbuilders. The unionized workers at Daewoo Shipbuilding's Okpo shipyard in Geoje, 350 kilometers south of Seoul, denied entry to a group of officials from Hyundai Heavy and the state-run Korea Development Bank. To prevent a violent clash b
June 3, 2019
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No. of fried chicken stores dwindle at faster pace
Fried chicken continues to reign supreme as the main food delivery item in South Korea and many newer outlets are being launched, but more of them are closing each year, data by KB Financial Group showed Monday.KB Research under KB Financial Group released a detailed analysis of the fried chicken business, indicating that in the past four years, despite the rise in chicken consumption the business is becoming oversaturated. Compared to 2013 when the average per capita consumption of fried chicke
June 3, 2019
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Active participation from big game firms needed on gaming disorder issue: lawmaker
Big-name game firms should take a more active role in the discourse surrounding local adoption of the World Health Organization’s 11th Revision of the International Classification of Diseases, or ICD-11, which classifies gaming disorder as a health condition, Rep. Kim Byoung-gwan of the ruling Democratic Party of Korea said Monday. Prior to joining the National Assembly, Kim was head of the game venture firm Webzen.Speaking at a panel discussion at the Korea Internet Corporations Associati
June 3, 2019